Statement from Rawlings-Blake on terminating contract with Baltimore Racing Development

"It is with great disappointment that we announce the termination of the City's agreement with Baltimore Racing Development. Like many Baltimoreans, I hoped that BRD would restructure, recapitalize and begin to pay taxes and debts by the December 31 deadline. BRD's corporate officers and managers have failed to take the appropriate steps to put the company on a sustainable path forward.

"The Grand Prix generated $47 million in economic impact and proved valuable in terms of positive media exposure and civic pride for Baltimore's residents. The event, if conducted responsibly, has significant economic value to potential investors and the City this year and in future years."